Vice-President Kashim Shettima on Monday mounted a robust defence of President Bola Tinubu’s economic reforms, insisting the administration deserves praise rather than criticism for policies that are beginning to stabilise and reposition the Nigerian economy.
Speaking at the Delta State Economic and Investment Summit in Asaba, Shettima told an audience of business leaders, state officials and investors that the country had inherited deep structural challenges but was now recording measurable gains. Chief among them, he said, was a sharp recovery in foreign reserves and a shift from capital flight to capital inflows.
“Professor Soludo, you have done a lot of things for the federal government, especially in informing Nigerians where we were coming from — from reserves of $3 billion,” Shettima said, addressing Anambra State Governor Chukwuma Soludo, who was present. “When we were experiencing capital flight and scarcity, now we are experiencing capital inflows. Our foreign reserves have gone up to over $52 billion and counting in a turbulent world. Even the president deserves commendation and not condemnation.”
The vice-president framed the reforms as necessary, if difficult, medicine for an economy long burdened by distortions. He argued that the administration’s willingness to confront entrenched problems had begun to restore confidence among both domestic and foreign investors. In a global climate marked by geopolitical tension, currency volatility and tight financial conditions, Nigeria’s ability to rebuild its external buffers stood out as a notable achievement, he suggested.
Shettima singled out Governor Soludo for particular praise, describing the former Central Bank of Nigeria governor as someone who had consistently taken principled positions. He recalled Soludo’s stance during the 2023 election period, when the Anambra governor insisted that victory would come through grassroots support rather than “blackmail and intimidation.” That willingness to “defy the direction of the wind,” Shettima said, had now extended to Soludo’s public backing of the federal reform agenda.
Beyond the macroeconomic numbers, the vice-president used the Asaba platform to send a clear message to the private sector. The Federal Government, he said, remains determined to create a more predictable and supportive environment for investment. This, he emphasised, cannot be achieved from Abuja alone. Close collaboration with state governments is essential to remove bureaucratic obstacles, improve infrastructure, and give businesses the certainty they need to expand and create jobs.
The Delta summit itself provided a fitting backdrop.
State governments across the country have been competing more aggressively for investment, and Delta has positioned itself as a serious contender in energy, agriculture and logistics. Shettima’s appearance signalled federal endorsement of such efforts and reinforced the idea that economic recovery depends on coordinated action between the centre and the states.
Critics of the Tinubu administration have argued that the reforms, particularly the removal of fuel subsidies and the floating of the naira, have imposed heavy short-term costs on ordinary Nigerians through higher prices and reduced purchasing power. Shettima did not dwell on those hardships in his remarks, choosing instead to highlight early signs of recovery and to call for patience and recognition of progress. By pointing to the rise in reserves from a precarious $3 billion level to more than $52 billion, he sought to shift the conversation from pain to trajectory.
Whether the gains prove durable will depend on sustained policy consistency, improved security, and the ability of both federal and state governments to translate macroeconomic stabilisation into tangible improvements in living standards. For now, the vice-president’s message was unambiguous: the reforms are working, the numbers are moving in the right direction, and those driving the changes deserve credit rather than blanket condemnation.
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